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carrier. the less expensive version would have a plastic body. >>> the debt ceiling, new treasury secretary, will washington be an on stockles to the market and the economy or will washington be a help? joining me now is geg i and author of "the economist" and jerry webman, chief economist at oppenheimer funds. thanks for joining us. >> hi. >> greg, let me kick this up with you. president obama's pick for treasury secretary, chief of staff, jack lew, will take over for timothy geithner. is this a missed opportunity to be friendly to business, the business community, or is this a new call since it appears that nobody on earth knows this better than mr. lew. >> well, i think jamie dimon would build business between the community which feels a little bit alienated by the administration's first-term policies and mr. obama. but what they got is a guy -- not one of them, but does know the budget really well and the clearly the main challenge on the economic front for the first year is going to be on the fiscal front. insofar as jack lew has the trust of the president is in power to make
to speaker of the house john boehner. along the points that john was just making in terms of the debt ceiling. the treasury secretary now saying he expects to exhaust the extraordinary measures used to fund the government now between mid-february and early march of this year. a bit of clarity on the time frame. treasury secretary coming down pretty hard here on what the effects would be of not raising the debt ceiling saying even a temporary default with a brief interruption in payments that congress restores would be terribly damaging. calling into question the willingness of congress to uphold america's long-standing commitment to meet obligations of the nation in full and on time. default would increase borrowing costs and therefore add to future budget deficits. this letter from the treasury secretary intended to put more political and public pressure on congress to do something on the debt ceiling. so we're seeing the administration across the board acting in a very conservative way today. >> thank you very much. >>> up next, he spent millions of his own money warning about dangers of so
, rich. >> a new debt ceiling target date from treasury, mid-february to early march says treasury. remember we technically hit the debt ceiling on new year's eve but treasury is undergoing what are known as extraordinary measures to keep paying the bills. this in a letter to speaker john boehner from the treasury department. treasury currently expects to exhaust these extraordinary measures between mid-february and early march of this year. any estimate however will be subject to a significant amount of uncertainty because we are entering the tax filing season. a warning to republicans saying threaten to undermind our credit worthiness is no less irresponsible than threatening to undermined the rule of law and no more legitimate than any other common demand for ransom. very similar to the tone and warning about i president obama earlier today in a news conference saying that the congress has ordered him to spend this money and therefore must raise the debt ceiling with no strings attach the. republicans say the president signing spending into law and more cases wanted more spendin
ceiling, the new treasury secretary, so will washington be an obstacle to the markets and the economy, or will washington actually be a help? joining me now, greg ip, u.s. economists editor of "the economist" and author of "the little book of economists" and jerry webman. gentlemen, good to see you. thank you so much for spending the time. >> hi, maria. >> president obama's pick for treasury secretary we learned officially this week. his chief of staff, jack lew, will take over for timothy geithner. is this a missed opportunity to be friendly to business, the business community, or is this a good call, since it appears nobody on earth knows the budget better than mr. lew? >> well, i think wall street and the business community would indeed have liked somebody who was perhaps of their own ranks. somebody like a jamie dymond or larry fink, who could build bridges between the business community, which feels a little bit alienated by the administration's first-term policies. and mr. obama. but what they got was a guy who, while not one of them -- at least does know the budget really well,
and the senate pass legislation, the president sign into law raising that nation's debt ceiling, the u.s. treasury could be in deep, deep trouble, raising questions about america's ability, willingness to pay its debt. u.s. could pay that debt, it would otherwise have to cut enormously for areas in domestic spending and defense 13e7bding in order to do so. and the president's saying don't hold america's economy 40s stajs in this political battle over deficit reduction dealing with nation's death. he will have an impassioned statement at the top and then he will ask reporters' questions. i assume there will be questions on guns. tomorrow the vice president is supposed to hand over his recommendations to the president about gun safety in the united states. gloria borger is here, it's a historic moment right now in the days leading up to inauguration, always, always very exciting, for those of us who are history buffs. he's got an enormous agenda in his second term and there's no guarantee that he's going to be able to succeed in all those areas. >> when the president started his first te
's bank account. previous debt ceiling debates, treasury and the fed work together to come up with a payment plan to prioritize how to use what money the government has on hand. but i talked to several fed officials about prior debt ceiling showdowns, and they said the fed said there would be no way to proceed without money in the treasury. we'll see what president obama says in his press conference, if he ratchets up the rhetoric this morning. he's been clear he would negotiate only spending cuts, but not in context of the debt ceiling debate. simon? >> okay. >> steve, are we all agreed on what the word default means in this case? we're going to be talking about it an awful lot. >> great question, carl. it's a political question. you can default on the interest payments, and that's a sort of, i guess the technical or legal version of default. or you can default on obligations. in other words, the government incurs a debt, but doesn't pay it. that's of a different order of magnitude from defaulting on the interest payments on the debt. in general, the white house wants you to
have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid. the debt we incurred was paid for through various bonds. world war i to world war ii, fdr got together with the treasury secretary and set let's put a debt ceiling op and they started to borrow money. that amount in 1949 was $45 billion. today, $16.4 trillion. that is 46,400% higher. between 1939 and 1980, we never exceeded $1 trillion in debt. now we push $17 trillion. the problem with the sound bite is president obama was the guy in 2006 that said i will not vote for you. he wouldn't vote for a debt ceiling increase. leadership means the buck stops here. that's why i won't vote for raising the debt creteing. that is senator, senator obama in 2006. he voted against raising the debt ceiling. calls it unpatriot i cannot to do it now. >> dana: president obama was called out on this before. saying it was unpatriotic and lack of leadership. that's why you would vote against it. now it's unpatriotic if the patriot act hold you to spending re
. then the options the treasury department task before hitting the debt ceiling. then outlining the mission of this -- and scope of the commission -- administration of alcohol, tobacco, and explosives. "washington journal take a live on c-span. >> members returned to the british parliament this week after their holiday recess. on wednesday, prime minister david cameron to questions on the government's priorities for members in the house of commons. earlier in the week, prime minister and deputy prime minister outlined the government's mid term priorities, and both stated that the economy was "keeling" at a much slower pace than expected. -- "healing" at a much slower pace than expected. >> order. questions to the prime minister. >> may i wish you, mr speaker, the prime minister and the rest of the house a prosperous, positive and happy new year? >> this morning i had meetings with ministerial colleagues and others, and in addition to my duties in this house i shall have further such meetings later today. >> public servants are having a 1% pay rise, it is only fair for those on benefits to b
reached the debt ceiling two weeks ago today. the treasury department is giving us a few weeks of maneuvering room before we begin to default. and yet you have people like the heritage foundation saying today, default is not at issue. how many conservatives truly believe their tactics pose no risk whatsoever to the economy, particularly given what happened the last time they took the debt ceiling hostage? >> look, what heritage put out today is drivel. a transparent attempt -- >> drivel, this is the considered view of an important organization. >> yeah, whose president is jim demint. i don't take it all that seriously. >> okay. >> what they're saying is, well, the government could pay the interest on its bonds, but you could then cut everything else, social security, medicare, education. what they're ignoring is the fact that you would shake the confidence of markets all over the world with unpredictable consequences. this could be of the order of lehman brothers in 2008. john boehner actually knows this. he said the other day that a default would be a financial disaster, and h
in congress over raising the debt ceiling. the fed coming to the same conclusion that the idea behind the platinum coin was that the treasury would mint a core or coins for precious metal and the value would be based at $1 trillion. the united states is expected to reach its debt limit of $16.4 million last month. >> how many -- >> and it would have created sh -- there's the idea of used the 14th amendment to say that you have to pay your debts. but it would have created huge problems for the democrats as a way of just saying, you can make up any kind of mope. >> no. but a lot of people said if one side is going to play hard ball,ing. >> they would have been tide up in reports forever. >> there is a provision for it. easily done. i wanted one. that's a lottery you want to win, that coin. >> a printing press, right? >> a trillion dollar coin. >> i could never spend that much money. it would be impossible. >> ever see brewster's manage? >> i know of it. >> i don't remember. i remember -- >> why you wouldn't keep it. >> richard pryor was in it. >> very difficult. >> the debt ceiling is s
. and if you do, you're breaking the law. >> u.s. hit the debt ceiling on december 31st. the treasury is using so-called extraordinary measures to put off any default on its obligations, probably until about the middle of february. by then, congress must raise the debt ceiling, otherwise the government can't pay all its bills. some congressional republicans apparently seriously considering risking a default on the ability of the u.s. to pay its loans or even a government shutdown in order to force the president and democrats to agree to spending cuts. but president obama said today that republicans will not collect any ransom in exchange for a deal that puts the u.s. government on a crash diet. we are not a deadbeat nation, he said, strong words from the president that are sure to provoke, already provoking return fire from republicans, but in this case, the president couldn't be more right. this country needs to get a grip on spending, but messing with the debt ceiling is not the tool to use to do it. passing a real budget is the way to do that. >>> on the money menu, investors took a bite ou
look at options the treasury department has to avoid hitting the debt ceiling and later, the mission and scope of the bureau of alcohol, tobacco, firearms, and explosives. "washington journal" is next. ♪ host: good morning, it is monday, january 14, 2014. the house returns to capitol hill today for an abbreviated worth -- an abbreviated work week. it will include spending and though relief in the wake of hurricane sandy. work continues on the obama administration's response in the wake of the mass shooting in connecticut. that is where we want to be in with you this morning. what fox you have on the roll of film, television, and video games in this ongoing debate? what responsibility, if any, to those groups have to change or put restrictions on their products? give us a call on the democratic line. for democrats, 202-585-3880. for republicans, 202-585-3881. for independents, 202-585-3882. and if you are outside the united states, 202-585-3883. you can catch up with us on all of your favorite social media sites. or you can e-mail us, journal@c- i want to star
the government hit the debt ceiling at the end of december, but treasury secretary tim geithner was able to extend government funding through february 15. republicans want big spending cuts in exchange for raising the borrowing limit. president obama says he will not negotiate with congress paying its own bills. >>> did you see a big difference? the first paycheck of the new year brought surprises and raised eyebrows for at love people all over the country. as pam cook reports in our newsroom, it's not a good surprise, pam. it's expected to have a big impact on the economy. >> reporter: yes, it is. the country did not fall off that fiscal cliff but as a result, some people say it feels like their personal budgets did. the federal compromise means tax breaks for social security and medicare expire. for singles earning $200,000 a year, couples earning $250,000 a year, that translates to about a 2% cut to their take- home pay. one man said he and his wife are losing nearly $300 a month. that's their car payment or groceries for the month. the nonpartisan tax policy center estimates that 77%
requires congress to control and authorize any money needed to pay for federal programs. debt ceiling was introduced way back in world war one. it was meant to give the treasury department more spending at that time. wendall goler, the president seemed that he was willing to call the republicans' bluff on this thing. >> he won't collect ransom for not collecting it on the economy. the last time the country reached the debt ceiling, obama was thinking about what will be prioritized next time. >> if congressional republicans refuse to pay america's bills on times, social security checks and veterans benefits will be delayed. we might not be able to pay our troops or honor our contracts with small business owners. food inspectors, air traffic controllers, specialists who track down loose nuclear material wouldn't get paychecks. investors will ask if united states is america is a in fact a safe bet. >> reporter: they launched a new term by focusing on the issue likely to dominate the second term. >> shep: what are we hearing from republicans on this? >> republicans are looking at a fiscal
to increase the debt ceiling. we got a knock down from the treasury department that the treasury can print a $1 million coin to get out of this. there was a statement from jay carney who says there are only two options to deal with the debt limit. congress can pay its bills or fail to act and put the nation into the fall. it will not necessarily be a default if we pay our creditors. if we get beyond that that feeling, sometime in mid-february range, if we get there, how does the administration prioritize its payments. republicans, however, they will discuss their strategy on how exactly to pay this debt ceiling pipe. connell: thank you very much. the news conference a few minutes away. dagen: let's bring in political analyst doug shoen. he is a fox news contributor. first up, how ugly will this fight the? >> i think it will be very ugly. president obama is locked into a position that he is not negotiating and the debt ceiling may go out. i think we are set. connell: dagen mentioned the former president bill clinton. if he were an office, he would bring you and. if he had this position and
the debt ceiling. and chevy rolled out a new corvette, hoping to reinvigorate the brand. i'm jeff glor. cbs news. >> pelley: interviews with supreme court justices are rare, but tonight, even more so because, in 223 years, there has never been a justice like sonia sotomayor. among other things, she's the first hispanic on the court. she's the daughter of puerto rican immigrants who settled in the bronx, that new york melting pot that pours out streetwise kids and american success stories. sotomayor, now 58 years old, calls the streets of her childhood "my beloved world," and that's the name of her new memoir. in her first broadcast interview, she told us that the neighborhood gave a poor girl with a serious illness a chance to serve and an opportunity to become one of the most powerful women in america. this is where you grew up? >> sonia sotomayor: in a public housing project. i lived in this one on the corner. hold on. hola. ¿como estas? >> welcome to your old neighborhood. >> sotomayor: gracias. >> kroft: you could believe she never left. they remember and she's never forgotten. seems t
. the treasury has created a plan that basically could do certain things if congress didn't raise the debt ceiling it would prioritize some of its payments or sell off some u.s. assets or things. the white house never signed off on that. frankly it wouldn't be in the president's interest to come up with a plan-b right now because that would just weaken his hand in these discussions. jake is right when he says that we're going to see a battle over the debt limit whether if white house wants this or not. it's likely to be a little bit uglier than what we saw in 2011 just because the republicans are coming off a bruising election. they're coming off a fiscal debate at the end of the year where they feel like they didn't get anything out of it because they didn't get the spending cuts they want. they have these two things coming up in terms of the budget negotiations. and you have these automatic spending cuts that are set to go into effect at the end of february. they feel like the debt ceiling is going to be... is their leverage. they managed to usity fek tively in 2011 although if you're an
years, but it seems like when it comes to the wire, we always find a way to raise the debt ceiling, get washington back to work again, and that is our expectation. the difficulty is that the uncertainty in washington is freezing the treasury mark and investors. >> okay. back to ben bernanke, commenting this afternoon, if he reassures wall street he plans to continue the bond buying for as long as it needs to happen to get unemployment back, to get the economy growing. do you think that will keep rates depressed or signals, yeah, you know, we don't need to continue with this as long as we had initially planned to. do you expect a sharp, a rise in rates in take it from there. curious to where you think rates are headed. >> lori, between now and the date of sequesteringen on march 1st, treasury yields in a tight range? >> what kind of range? >> i think 1.7% to 2.1%. that's where we see good support and resistance, and 40-point basis range is what i expect. >> thank you so much, bill. great to see you. >> thank you, lori. >> time to move to louisiana. the governor proposing the elimination
refused, saying they're refusing to negotiate over the debt ceiling. question is show, how do they enforce not negotiating when they have their own arcane plan b. over the weekend, the treasury didn't department took one of toews off the table. the trillion dollar platinum coin. senate democrats suggested another plan brk. they wrote in a letter to the president that if the republicans refused to raise the debt ceiling or agreed to do it as part of unbalanced legislation, then we believe you must be willing to take any lawful steps to ensure that america does not break its promises and trigger a global economic crisis without congressional approval if negative. so senate democrats are beg igi the white house to consider maybe it's the 14th amount md option. whatever it is, they're begging the white house to find a plan b. meanwhile, the republican leadership is quietly trying to push itself rank and file away from a debt ceiling showdown, believing the fight worth having is over funding the government in a potential government shutdown. the risk, if they use debt ceiling as the leverage po
us a couple more months the president wants to call on congress to raise the debt ceiling without drama. he says even the threat, note to raise the debt ceiling could cause a down-tick in the nation's credit rating as it did in 2011. republicans are determined to use that leverage. it may be the only leverage they have to raise the nation's debt ceiling. in the past it has worked to demand spending cuts in exchange for raising the nation's debt ceiling. they intend to do it this time. heather? heather: a lot going on in washington. we hear rumors the president may address the issue of immigration reform. that may be one of the top priorities of his administration. is he expected to talk about that? >> reporter: perhaps but even before that the president is likely to be asked about efforts to curb the nation's gun violence with vice president biden set to give recommendations to the president as early as tomorrow. he has been looking at the issue. now, the president favors a ban on assault weapons, a ban on high capacity magazines. the national rifle association says he doesn't hav
. for example, u.s. bonds, right? also includes debt that the treasury owes the government, trust funds like social security and medicare. right now, the ceiling, is it set at almost $16.4 trillion. the country's borrowing already hit that mark. that happened on december 31st. so the ceiling is raised periodically because both parties, they have to have approved the tax cuts and the spending increases over the years, knowing that they're going to add to the deficits. by doing so, they increase the country's need to borrow in the future. since 1962, congress has raised the debt limit 76 times, 11 times in the past decade. i want to talk about the debate over the debt ceiling, how it affects the overall economy. our georgia tech economics professor, danny boston joining us. danny, you and i were listening to the news conference here. obviously, this is a very important issue. and the president, he is not backing down. he says it is not negotiable here. what is the problem? what would happen if, in fact, they don't come to some sort of an agreement? >> the consequences are really enormous. and
's got to get a deal with congress. >> right. >> to raise the debt ceiling. he says he's not negotiates with congress to raise the debt ceiling, and the congress says you ain't beginning to get anymore money unless you cut spending, and he won't cut spending. >> what eric talked about, going on a public relations campaign. it's a whistle stop thing, come on tv every day as it gets closer and closer saying these republicans are ready to kill this congress. >> straighten something out. if we go over the debt ceiling, run -- >> we have already. >> we don't default, do we? we do not default. >> we don't ever really default. we can always continue to pay the bills, print the money. >> tax money comes in. >> talk politically. president obama will stump and campaign saying it will be unpay patriotic for the republicans to not raise a debt ceiling after he's already said it's unpatriotic to exceed the debt ceiling in 2007-2008. he's in a very, very tough place. i think the republicans in the house in congress will give him a hard time, won't make it an easy checkbook. they'll ask for something
: we are taking your calls in the segment about the debt ceiling with steve bell. give us a call. the numbers are on the screen. is this to inform the discussion? guest: we did this last year. there was a question about whether the treasury was telling the truth. people said timothy geithner was wrong when he said may. our wrong was to set the record straight. he was telling the truth. many of us have been through this before. many of us have been through this before. when he has extraordinary measures, he is telling you the truth. we wanted to set the record straight. people can start making intelligent decisions. some people have said the debt ceiling will not be breached until april. "why are you doing it so early?" as far as we know, this is when we expect the government to be unable to pay its bills on time. not just its interest payments. that is all of its debts. host: what is the treasury department telling you about these numbers? uest: secretary geithner's testimony has said it will be in that timeframe. will there be a delay in refunds to taxpayers? host: there are som
Search Results 0 to 22 of about 23